Maithan Alloys Limited has acquired equity shares of Bank of Baroda through stock exchange transactions, disclosing the acquisition under SEBI regulations after triggering threshold limits. The transaction was completed on February 12, 2026, with the company becoming aware of detailed particulars on February 13, 2026.

Acquisition Details

The acquisition involved purchasing 664517 shares of Bank of Baroda for a total consideration of Rs. 19.26 crore through cash payment. This represents a 0.01% shareholding in the public sector bank, acquired through stock exchange transactions on February 12, 2026.

Investment Rationale

Maithan Alloys stated that the shares were acquired as part of its investment strategy to reap long-term and short-term investment benefits. The company explicitly clarified that it does not intend to acquire control, whether directly or indirectly, of Bank of Baroda's management. The acquisition does not fall within related party transactions, and the promoter group has no interest in the acquired entity.

Bank of Baroda Financial Performance

Bank of Baroda, incorporated on July 20, 1908, operates as a comprehensive public sector bank offering corporate banking, cash management, financing, lending, treasury solutions, and retail banking services. The bank also provides investment products including mutual funds, insurance plans, and demat services.

Historical Performance

Bank of Baroda has demonstrated consistent growth over the past three years:

Regulatory Compliance

The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following the triggering of threshold limits. No governmental or regulatory approvals were required for this acquisition, as it was conducted through stock exchange transactions at arm's length. Bank of Baroda maintains presence in India with 75 overseas branches across 17 countries.

Maithan Alloys Limited has progressed further in its promoter reclassification process by submitting formal applications to stock exchanges on February 3, 2026. The company has applied to the National Stock Exchange of India Limited (NSE) and The Calcutta Stock Exchange Limited (CSE) seeking approval for reclassification of four promoter group shareholders from "Promoter & Promoter Group Category" to "Public Category."

Board Approval and Initial Process

The company's board of directors had earlier approved the reclassification during a board meeting held on January 30, 2026. The decision followed a formal request received by the company on January 13, 2026, pursuant to Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shareholders Seeking Reclassification

The four promoter group shareholders requesting reclassification collectively hold a significant stake in the company:

Stock Exchange Application Process

On February 4, 2026, the company formally communicated to the stock exchanges about the submission of applications on February 3, 2026. The applications were submitted to:

The company is seeking No-Objection certificates from these exchanges as required under the regulatory framework.

Regulatory Compliance

The outgoing promoter group shareholders have confirmed compliance with key regulatory requirements under Regulation 31A(3)(b), including that they do not hold more than ten percent of total voting rights, do not exercise control over company affairs, have no special rights through formal arrangements, are not represented on the board of directors, and are not willful defaulters as per RBI Guidelines.

Next Steps

The reclassification approval remains subject to necessary approvals from stock exchanges where the company's shares are listed and approval from company shareholders, along with any other approvals that may be required under applicable regulations. The board has authorized key management personnel to complete all requisite formalities and represent before regulatory authorities as required.